Elk Grove Real Estate Warming-up, But Lags December 2006 Peaks According to Zillow Research

December 28, 2016 |  

Depending on what portion of the City is being measured, Zillow.com has rated the Elk Grove real estate marketplace ranging from warm to very hot and a sellers market.

Seattle-based Zillow, an online real estate database service, issued a report today that showed Elk Grove's three zip codes, 95624, 95757, and 95758 as rated as warm, hot, and very hot respectively. Anything rated warm or higher indicates a market tilting to a sellers' advantage.

Zip code 95624, which is the portion of Elk Grove east of Highway 99 is reported to have a median home value of $379,200 and is rated warm. According to Zillow, home values in this area are up 7.9-percent for the year and are expected to increase 4.3-percent in 2017.

While the rural and older portions of Elk Grove in the 95624 zip code showed respectable gains, the two zip codes east of Highway 99 were rated more favorably for sellers. In zip code 95757, which was rated as hot, median prices were listed as $421,3000 with a price growth of 6.9-percent for 2016 and an expected increase of 4.2-percent for 2017.

The City's third zip code, 95758 was rated very hot with a median price of $341,100 and with a 8.5-percent price increase in 2016. In 2017 housing prices in this area are expected to 4.8-percent.

In all three Elk Grove zip codes housing prices have steadily increased since bottoming-out in May, 2012. However, none of the three zip codes have reached pre-Great Recession prices as reported by Zillow. 

Prices in Zillows Home Value Index, which started in December, 2006 showed values zip codes 95624, 95757, and 95758, were $439,000, $498,000 and $392,000 respectively. With the anticipated prices increases for 2017, the value of Elk Grove real estate will still be at about 85-percent of values in December, 2006.